W.W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for $400 each. Philllips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information: Purchase of raw materials $320,000 Beginning materials inventory $46,800 Ending materials inventory $66,800 Direct Labor $200,000 Indirect labor $ 40,000 Rent, factory building $42,000 Depreciation, factory equipment $ 60,000 Utilities, factory $11,900 Salary, sales supervisor $90,000 Commissions, salesperson $180,000 General adminisration $300,000 Beginning work in process inventory $13,040 Ending work in process inventory $14,940 Beginning finished goods inventory $80,000 Ending finished goods inventory $114,100 How do I put together an W.W. Phillips Company Income Statement For Last Year?
W.W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for $400 each. Philllips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information:
Purchase of raw materials $320,000
Beginning materials inventory $46,800
Ending materials inventory $66,800
Direct Labor $200,000
Indirect labor $ 40,000
Rent, factory building $42,000
Utilities, factory $11,900
Salary, sales supervisor $90,000
Commissions, salesperson $180,000
General adminisration $300,000
Beginning work in process inventory $13,040
Ending work in process inventory $14,940
Beginning finished goods inventory $80,000
Ending finished goods inventory $114,100
How do I put together an W.W. Phillips Company Income Statement For Last Year?
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